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Higher Ed in the News

Students at for-profit colleges most likely to default on loans

September 22, 2009

Students at for-profit colleges and universities are more likely than students at private and public institutions to default on federal student loans, according to a report issued Sept. 21 by the Government Accountability Office

Students at for-profit colleges receive 19 percent of federal student aid. Four years into repayment, 23.3 percent of students at those colleges were defaulting on their federal loans - a higher rate than students at either public colleges, where 9.5 percent were defaulting, or private ones, where 6.5 percent were in default.